First time dealing with an REO. Need helping find solutions!!
Hello biggerpockets community,
I have a situation that I am trying to figure out.
This is the scenario,
I am investing in the westchester county area and I recently came into a situation around my neighborhood that is definitely a HUGE investing opportunity.
The property that I found the previous owner unfortunately passed away and the bank finally foreclosed on it just a few days ago.
The neighborhood that I am looking to invest in has been very hot as of late. To put it in perspective, My sister lives in the neighborhood and bought her home for $275,000. My other sister who lives no more than 120 yards away, bought her home for $490,000 fully renovated with almost the same Sqft, but same beds and baths. The sister who closed on her home for 275,000 needed to make serious upgrades and has already made those upgrades and the arv has recently been quoted at 625,000. In that same neighborhood someone bought a foreclose for 215,000 and has put in 100,000 in repairs and plans to sell for 525,000. While another house in the same proximity sold for $650,000.
There's a lot of activity and my gut is telling me to find out what to do -BY ANYS MEANS NECESSARY-
My question is how do I go about finding financing for this property when my current financial situation is..
2000 in monthly cash flow after expenses.
Fair credit score: FICO between 630-650.
Or is there any creative ways I can go about finding financing for this property.
I know I will need to get an investor for at least closing cost and possibly repairs if I choose not to go the hard money route.
I am certainly desperate to hear what advice or strategies you guys come up with please spread your knowledge with me. I am looking forward to hearing back from this post. Thank you in advance for your consideration.
Blessings,
Jose A Reyes